Phosagro S Regulatory News (PHOR)

PhosAgro Board of Directors Considers Company's FY 2021 Results to be Successful

Moscow - The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, has recognised the Company's operating and financial results for FY 2021 as successful.

PhosAgro Board of Directors Member, CEO and Chairman of the Management Board Andrey Guryev summarised the company's work in FY 2021:

"Last year was PhosAgro's anniversary year and we managed to deliver impressive growth despite challenges associated with the pandemic. We have achieved significant success both in production and sales performance, we well as in implementing investment programmes and the Company's sustainable development strategy, strengthening our leadership position in the priority Russian and premium export markets.

"We set a new historical record in 2021. Our enterprises produced 10.5 million tonnes of agrochemical products, which is almost 3% higher than in 2020. This result was made possible by the team's professional work as well as implementation of comprehensive investment projects for upgrading production facilities and building new production sites. This is the next step towards achieving the goals set out in our strategy to 2025.

"New production facilities have been commissioned in Cherepovets, and investment projects to build a million-tonne plant in Volkhov and a new level in the Kirovsk mine have reached their final stages. In total, just under RUB 50 billion was invested last year.

"PhosAgro's ambitious investment programme does not stop there: we continue to develop mining operations, we plan to start construction of a new ammonia and urea complex in Cherepovets and increase output at the Balakovo site. These and other projects will be included in the updated version of the long-term strategy, which the Board of Directors will review in the spring of 2022."

On behalf of the Board of Directors, I would like to congratulate our CEO Andrey A. Guryev and the entire team at PhosAgro on yet another record-setting year. As your Company continues to implement its strategy to 2025, I am confident that it is on track to further accelerate growth in the production of its eco-efficient mineral fertilizers free of hazardous levels of toxic substances harmful to human health and soil like cadmium. This is especially important in light of the obvious challenges to international food security brought on by the pandemic and the growing global concern about food quality and safety," PhosAgro Board of Directors Chairman Xavier Rolet commented on the FY 2021 results.

The Board of Directors considered information on the main results of the Company's activities in FY 2021 and on the outlook for 2022, as well as information on the financial results for FY 2021, including the consolidated IFRS financial statements for FY 2021.

The Board of Directors recommended the Annual General Meeting of Shareholders approve a dividend payment in the amount of RUB 50,505 million, which represents RUB 390 per ordinary share (or RUB 130 per GDR) out of retained earnings as of 31 December 2021.

The Board heard information on the results of the work of the company's Board of Directors in 2021 and reviewed the reports of Committee Chairs on the Board of Director's Committees' activities in 2021.

Information about workplace injuries and the establishment of an inventory procurement system in PhosAgro-affiliated organisations was presented. In the field of mineral fertilizer sales in 2021, the main aspects of the activity of PhosAgro subsidiaries were evaluated. Information about the development of cloud computing and other advanced technical solutions in accordance with the Company's information technology plan was evaluated by the Board of Directors.

The meeting also approved the report of the company's Internal Audit Directorate on the division's work for 2021, as well as the report on the results of an independent examination of the company's information security function with the involvement of KPMG.

Contact us

PJSC PhosAgro

Andrey Serov, Head of the Investor Relations Department

+7 495 231 2747 ext. 2183

ir@phosagro.ru

Timur Belov, Press Officer

+7 495 231 2747 ext. 2652

pr@phosagro.ru

EM

Sam VanDerlip

vanderlip@em-comms.com

+44 207 002 7859

About Us

PhosAgro (www.phosagro.ru) is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39%, a top-three producer of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP)

PhosAgro's main products include phosphate rock, more than 50 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 102 countries spanning all of the world's inhabited continents. The Company's priority markets outside of Russia and the CIS are Latin America, Europe and Asia.

PhosAgro's shares are traded on the Moscow Exchange, and global depositary receipts (GDRs) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.

More information about PhosAgro can be found on the website: www.phosagro.com.